The ITS Market Demand Index (MDI) decreased 18% to 14.09 from 17.22 the previous week. Load availability decreased 29% and Load searching decreased 16% from the previous week. We saw Truck availability decreased 11% while Truck searching decreased 38% and the overall average equipment rate decreased slightly to $2.29 from $2.30 the previous week.
Fuel prices remained unchanged at $3.65 per gallon from the previous week.
This week marks the first time during 2012 that MDI and load availability have dropped below their respective 2011 levels. Weak manufacturing data continue to support declining trucking volumes. On a positive note, the Census Bureau released a report this week showing gains in residential construction. However, the outlook for trucking during the second half of 2012 continues to look shaky.